TORONTO, Sept 29 (Reuters) - The Toronto Stock Exchange's
main index tumbled more than 7 percent on Monday, the most in
eight years, as U.S. lawmakers rejected a proposed $700 billion
bailout of the financial services sector.

As the U.S. House voted to reject on the Wall Street rescue
plan, concerns mounted that the fallout from the crisis in the
United States was spreading rapidly around the globe.

Although critics said the package would have been too
little, too late, the House vote fanned fears that the global
economy was headed for a sharp downturn. Economists and
politicians had warned over the weekend of dire consequences if
a rescue plan was not put into place immediately.

Fueling the carnage on the market was a $10 drop in the
price of oil on rising concerns of a global slowdown, sending
the heavily weighted energy sector down more than 12 percent.
[ID:nN29389346]

"This is yet another Black Monday," said John Ing,
president at Maison Placements Canada.
Continued...